How to import raw private keys into Parity?

In this post we will go over importing an existing ethereum account into Parity.
Unfortunately there is no standard for exporting and importing ethereum accounts between MetaMask, Geth and Parity, table below summarizes what is currently supported by the software:

Metamask

go-ethereum

parity

private key

import / export

+/+

+/-

-/-

keystore file

import / export

+/-

+/+

+/

What is a keystore file?

A Ethereum keystore file is a file in JSON format which is an encrypted version of your unique Ethereum private key.
Together with a passphrase this file forms the private key.
For this exact reason it is safer to access your funds with a keystore file and a passphrase, rather than directly with an unencrypted private key.

You will need a browser with a MetaMask extension, and an ethereum account created.
We will assume this account belongs to the ethereum Ropsten testnet, but exactly the same steps can be followed for a mainnet account.

You will also need geth ethereum implementation, which you can install with: